EkonomI Teknik

PENDAHULUAN Investasi dan Beaya

W.01 - 16.04.2013

Introduction • Process engineering economics

– design

– operation

– economic analysis of processing plants.

• Peters and Timmerhaus (2003), Holland and Wilkinson (1997), and Couper (2003), Brown (2007) : CHEMICAL PROCESS INDUSTRIES

• Clark, 1997 : LIMITED in food industry DUE TO lack of engineering and economic data related to the complex food products.

• Advances in food engineering

– engineering properties of foods

– computer application in food process design.

Introduction

Analisis ekonomi

Rencana anggaran beaya

• Kajian secara ekonomi terhadap keterwujudan dan kelayakan suatu aktivitas

• Beaya yang harus dikeluarkan untuk mewujudkan aktivitas sesuai desainnya

• Pengambilan keputusan • Implementasi aktivitas

TAHAPAN KEGIATAN

• Pelbagai aspek analisis untuk pencapain target optimal

• Empat tahapan, yaitu:

1. Studi

2. Perencanaan

3. Pelaksanaan

4. Operasi dan Pemeliharaan

MONEY FLOW IN A BUSINESS ENTERPRISE

• Assets of food industries :

– manufacturing plant

– distribution system

• Investors and Banks

– Investors (providing a portion of the initial capital) expect to earn a profitable return from dividends and/or increasing in the value of the shares in a stock market

– banks (providing remainder portion of the initial capital) expect to recover the capital plus the appropriate interests

Initial capital

MONEY FLOW IN A BUSINESS ENTERPRISE

• Consumers

– sales income

– pay the various resources spent in the manufacturing process

• Gross profit : difference between money flowing in from sales and money flowing out for expenses (manufacturing cost)

• Net profit : obtained gross profit are subtracted by tax and loan payments

– divided to dividends payment

– the retained earnings for reinvestments

MONEY FLOW IN A BUSINESS ENTERPRISE

MONEY FLOW IN A BUSINESS ENTERPRISE

• Survival condition

– the second important purpose of a business is to enhance its value

– reflect in market price of publicly traded stock or in calculated book value

• In theory, stock prices reflect the present value of future cash flows to the stockholders, often estimated as earnings per share

• In practice, the actual price of a stock is affected by supply and demand, by opinions about the economy, and by opinions about potential changes in future earnings of the firm quickly than profits alone would permit.

MONEY FLOW IN A BUSINESS ENTERPRISE

• Most major food companies are stable and have stocks which usually pay dividends, with a balance between debt and equity in their financial structure

• The ultimate purpose of capital and operating cost estimates

– to help allocate the funds available for investment

– to increase the value of the firm

• Cash is of primary importance in business due to critical to survival and value enhancement

Capital Cost

• Capital cost :

– fixed capital (CF ) or fixed investment : supply the necessary plant facilities

– working capital (CW) : operation of the plant

CT = CF + CW

• Working capital consists of

– total amount of money invested in raw materials and supplies carried in stock

– finished and semi-finished products,

– accounts receivable and payable

– cash kept on hand

Fixed Capital Cost

• Estimated from empirical rules or approximations.

• Chilton, 1960; Peters and Timmerhaus, 2003 : Lang method

• Lang method is estimation of the fixed capital (CF) from the process equipment cost (Ceq), using the empirical equation

CF = fL . Ceq

• Sinnott (1996), Holland and Wilkinson (1997), or Seider et al. (1999) : plants in Chemical Process Industry (CPI), the Lang factor (fL) varies:

– 3,10 – 3,80 for solids processing

– 3,60 – 4,10 for mixed fluids – solids processing

– 4,70 – 4,80 for fluids processing

Fixed Capital Cost – Lang Factor

• Higher fL for gases and liquids processing is due to the higher requirements for piping and valves

• Generally recognized that the Lang method has the tendency to overestimate the fixed capital cost

• fL for food industries generally smaller, because of the higher cost of equipment (stainless steel) and less piping

• fL for food industries should be considered in the range of 1,35 (minimum), 1,80 (most probable), 2,75 (maximum)

• Bartholomai (1987) and compiled by Marouli and Maroulis (2005) : cost data of various food processing plants

Fixed Capital Cost – Lang Factor

• Higher fL for gases and liquids processing is due to the higher requirements for piping and valves

• Generally recognized that the Lang method has the tendency to overestimate the fixed capital cost

• fL for food industries generally smaller, because of the higher cost of equipment (stainless steel) and less piping

• fL for food industries should be considered in the range of 1,35 (minimum), 1,80 (most probable), 2,75 (maximum)

• Bartholomai (1987) and compiled by Marouli and Maroulis (2005) : cost data of various food processing plants

Fixed Capital Cost – Lang Factor

Fixed Capital Cost – Lang Factor

Fixed Capital Cost – Lang Factor

Bartholomai (1987) and compiled by Marouli and Maroulis (2005)

Fixed Capital Cost – Lang Factor

• fL may be greater due to modern food processing plants, using modern instrumentation and process control, environmental protection (effluent treatment), and computers

– a value of 3 should be considered as safe enough for preliminary estimations for main processing plants or plant expansion,

– for grass roots (entirely new) plants should be increased to 4

Fixed Capital Cost – Lang Factor

Modal tetap

Beaya Fisik Pabrik / Physical Plant Cost

1. Tanah, bangunan dan halaman

2. Alat, mesin dan pemasangannya

3. Pemipaan

4. Instrumentasi

5. Insulation

6. Listrik

7. Utilitas

Modal tetap

Beaya Langsung Pabrik

Beaya Fisik Pabrik (+)

8. Engineering & Construction (20 – 30% beaya fisik pabrik)

Modal Tetap

Beaya Langsung Pabrik (+)

9. Jasa kontraktor (4 – 10% beaya langsung pabrik)

10. Beaya tak terduga (10 – 25% beaya langsung pabrik)

MODAL TETAP

• Estimasi standar pabrik sama, namun beda kapasitas

Ifb = Ifa + (rmb ÷ rma)k

Ifb & Ifa : modal tetap pabrik b & a

rmb & rma : produksi bulanan pabrik b & a

k : konstanta (0.42 – 1.02)

terminologi

• Modal Investasi

– Modal tetap / fixed capital

– Modal kerja / working capital

• Beaya Pabrikasi

– Beaya langsung / direct cost

– Beaya tidak langsung / indirect cost

Beaya tetap (penyusutan, pajak, asuransi)

Beaya Umum

Administrasi

Promosi / pemasaran

Riset

Bunga

MODAL KERJA

• Ketersediaan bahan mentah

– kecepatan pemakaian

– nilai atau harga

– sumber bahan mentah

– syarat penyimpanan

• In-process

– modal selama proses produksi

– estimasi: ½ beaya pabrikasi 1 tahun

MODAL KERJA

• Ketersediaan produk

– dijual & diproduksi sepanjang tahun / musiman

– mudah rusak (?)

– perlu fasilitas penyimpanan khusus (?)

– estimasi sebesar nilai produksi 1 bulan dengan harga pabrik

• Kredit berjalan

– modal untuk menutup harga produk yang sedang dalam pengiriman dan pemasaran

– estimasi sebesar nilai jual produksi 1 bulan, atau

– 2 x nilai produksi 1 bulan dengan harga pabrik

MODAL KERJA

• Available cash – dana untuk membayar upah, bahan, dan pelayanan

lainnya – diestimasi sebesar nilai jual produksi 1 bulan

• Estimasi Modal Kerja Iw = rm (m + 4M + 0,5MQ)

Iw : modal kerja rm : produksi bulanan m : harga bahan dasar per unit produksi Q : siklus produksi per bulan M : beaya pabrikasi per unit produk

MODAL KERJA

• Modal kerja

– modal untuk operasional bisnis

– besarnya 10 – 15% modal tetap

– 25% nilai jual produk tahunan